Authenticity is a Strategic Advantage
At its core, authenticity is about being genuine and true to yourself. It means acting in ways that align with your values. It's about building trust by being transparent and honest, even when it's difficult.
The concept of authenticity might seem like a throwback to a simpler time, but of late many of our clients have been talking about being "authentic." Authenticity, it seems, is more important than ever, especially for credit unions and those that lead them.
Authentic Organizations
Credit unions are built on a foundation of trust and community. Unlike traditional banks, credit unions are not-for-profit cooperatives, meaning they exist to serve their members, not to maximize profits. Authenticity is key to demonstrating this member-centric focus and differentiating credit unions in a competitive financial landscape.
Here's why authenticity should matter to credit unions:
Builds Trust: Members want to know their financial institution is reliable and has their best interests at heart. Authenticity fosters trust, which is essential for attracting and retaining members.
Strengthens Relationships: Authentic communication and actions create deeper, more meaningful connections with members. This leads to increased loyalty and engagement.
Enhances Reputation: A reputation for authenticity can be a powerful differentiator. It shows that your credit union is committed to its values and its members.
Attracts and Retains Employees: Authenticity isn't just for members. Employees want to work for organizations that are genuine and purpose-driven. A culture of authenticity can help attract and retain top talent.
Authentic Leaders
Credit union executives and board members play a vital role in cultivating organizational authenticity. Leading with authenticity means leading by example. Here are a few tips:
Living the Values: Ensure your actions and decisions align with the credit union's values.
Communicating Transparently: Be open and honest in your communications with members, employees, and the community. As an aside, people are very good at spotting disingenuous.
Embracing Feedback: Actively seek and respond to feedback, even if it's critical.
Showing Vulnerability: It's okay to admit mistakes and show that you're human. This builds trust and connection. It's also a key sign of emotional intelligence.
Empowering Others: Encourage authenticity throughout the organization. Create a culture where employees feel safe to be themselves and share their ideas.
Authenticity is not just a buzzword. It's a value that should be embedded in the culture of every credit union. By embracing authenticity, credit unions and their leadership can strengthen relationships, build trust, and solidify their position as true member-focused financial institutions.